Dhaka, January 25, 2025:
Foreign investment cannot be attracted by holding road shows abroad. During the previous government, bureaucrats and those blessed by the ruling political party traveled abroad for pleasure in the name of road shows.
In the name of these shows, state money has been wasted immorally. The Securities Exchange Commission has gone beyond its responsibilities by holding these road shows. In order to attract foreign investors, honest, competent and investment-attracting people must be given the responsibility of the regulatory agency through good governance in investment management. At the same time, it is important to stop bribery and corruption, as well as facilitate access to loans, increase the professional skills of bureaucrats and avoid procrastination in decision-making.
The dissatisfaction that is going on with the salaries of workers in the factories of the Beximco Group should be arranged to acquire other assets of the institution and money deposited in banks, if necessary, and provide fair compensation to the workers.
At the same time, punitive action should be taken against those who took loans in the name of this industrial institution by giving false information and exerting influence. Although investment in the Rooppur Nuclear Power Plant was encouraged due to political involvement for bad intentions during the Awami League regime, Saudi Arabia’s Aramco, Korea’s Samsung and Amazon could not invest in Bangladesh.
Ittehad and Facebook have reduced their investments due to the dollar crisis. Financial sector analyst Mamun Rashid said these things at the Shadow Parliament organized by Debate for Democracy at the FDC in the capital today (Saturday, January 25, 2025) on the challenges of foreign investment in Bangladesh. The program was presided over by Debate for Democracy Chairman Hasan Ahmed Chowdhury Kiron.
In his speech, Debate for Democracy Chairman Hasan Ahmed Chowdhury Kiron said, foreign investment in Bangladesh is not achieving its target due to various reasons including dollar crisis, high interest rates, high customs corruption, money laundering, political instability, difficulties in getting services, energy crisis, bureaucratic complications. Investors are subjected to harassment, bribery and corruption at every step to get their profits, dividends and capital back from Bangladesh. As a result, they are not interested in investing.
If there are false GDP statistics, false stories of development, and deficiencies in good governance, foreign direct investment is hampered. Foreigners do not want to trust the country’s investment structure. As a result, they are investing in countries like Malaysia, India, Vietnam and Indonesia instead of coming to Bangladesh without getting investment security. Which is a matter of great concern for us. A few days ago, some industrialists tearfully told the Economic Task Force that during the previous government’s tenure, we became destitute due to paying dues. Save us from the hands of extortionists.
The Chairman of Debate for Democracy presented the following 10-point recommendations to attract foreign investment in Bangladesh:
1) To attract foreign investment, investment security must be ensured by emphasizing credibility and policy consistency. So that foreign investors have no fear of getting their investment profits and capital back.
2) Political stability must be maintained by restoring discipline in the financial sector.
3) There must be assurance of obtaining the necessary land, developed infrastructure, communication system, water, electricity, and gas for setting up industrial plants.
4) Strengthen branding in industries that attract large capital to attract investment.
5) Ensure investment security, easy access to licenses, and eliminate bureaucratic complications, including investment services.
6) Increase the quality of education and create skilled workers and suitable managers in light of the needs of the labor market.
7) Make tax and customs exemptions attractive in addition to stopping corruption.
8) Take punitive action against all government institutions that have lied and given misleading information about Bangladeshi investments in the past.
At the same time, ensure accurate investment statistics free from political influence in the interest of the economy.
9) Investors are confused due to multiple investment-related institutions. To overcome this situation, merge BEZA, BIDA and BEPZA and determine a comprehensive investment strategy.
10) Assign responsibility to the Ministry of Commerce and related institutions to officials experienced in trade diplomacy.
Organized by Debate for Democracy, Dhaka International University and Daffodil International University jointly won the shadow parliament titled “Bureaucratic Complexity is the Main Obstacle to Foreign Investment” with equal marks. The judges of the competition were Professor Abu Muhammad Rais, Dr. S. M. Morshed, Babu Kamruzzaman, journalist Iqbal Ahsan and journalist Abul Kashem. At the end of the competition, the participating teams were awarded trophies, crests and certificates.
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